MANILA -- Jollibee Foods Corp said Friday it raised $600 million (P30.5 billion) from its first ever bond issue, which will help fund its overseas expansion.
Proceeds from the sale will be used primarily to finance short-term debt from its acquisition of The Coffee Bean and Tea Leaf, the Philippines' largest fastfood operator told the stock exchange.
It was the first bond issue since Jollibee listed on the stock exchange in 1993. The offer was upsized from $400 million due to strong demand, Jollibee said. The securities will be listed in Singapore.
"The objective of management for this issuance is to further strengthen the balance sheet of JFC to build a stronger foundation for accelerating its growth in order to achieve its vision to become one of the top 5 restaurant companies in the world.